SWIFT’s messaging capabilities include Payments, FX/Treasury and Market Infrastructure and others. For corporations, this connection allows for streamlined access to your financial data using the ISO20022 and MT formatted messages. Benefits available are:
- Receiving intraday balance reporting,
- Importing/exporting letters of credit, and
- FX confirmations.
For financial institutions, this connection allows for you to exchange ISO20022 and MT formatted messages with your business clients, opening a far greater reach for your products.
Most companies which join SWIFT, outsource their non-core business activities.
The next generation SWIFT Service Bureau (SSB) not only focuses on SWIFT connectivity, but also on much more value-added services. Integrating your message formats is one of the value-added service for:
- Enhanced Straight Through Processing (STP).
- Minimize the maintenance cost.
- Any to any financial message or file format translation.
- Migration from other platforms is easy.
- Full visibility to your cash and payments for effective liquidity management.
The three key functions of an Integration engine are:
- Integration: This provides customers with SWIFT compliant any-to-any format integration and validation. It supports CSV, XML, ISO 20022, ISO 15022 and any other proprietary format.
- Transport: This seamlessly and securely transports files, messages and transactions across all processing nodes, protecting the integrity and confidentiality of customer data.
- Reporting: Provides enhanced reports of the financial transactions, enabling intelligent and strategic decision making.
Here are some of the use cases, being implemented:
- Pipe Separated Values (PSV) or Comma Separated Values (CSV) to SWIFT MT
These two file formats are simple text files with different delineators making them easy to work with. Integration with these files can come from a variety of different sources such as an ERP or accounting system and can be translated into the proper SWIFT MT formatted message.
- BAI2 to SWIFT MT
BAI2 is a legacy standardized format for US based banks. While dealing internationally, these files need to be converted into a SWIFT MT formatted message. Cash management is a vital function and needs to format agnostic.
- Proprietary XML to SWIFT ISO20022
Proprietary XML file formats from home brewed or legacy systems can be tricky to integrate with standardized or modern systems. An integration engine must be able to read whatever format that is thrown at it and map it to a SWIFT formatted message.
Integration engine enables customers to exchange financial data over numerous systems, without worrying about the whole process of transportation, translation and reporting. Straight Through Processing (STP) enables you to be more efficient and effective by reducing the time elapsed in manual interventions and risk of errors.